Tuesday, June 12, 2012

Obama Targets Loan Operators Who Prey on Veterans

Great to see:

President Barack Obama promised Friday to crack down on what he said are deceptive and aggressive tactics by some for-profit colleges that prey on soldiers returning from war with misleading information and high-pressure tactics.

Mr. Obama, in front of troops dressed in olive green Army combat uniforms, signed an executive order requiring new disclosures and stiffening rules for for-profit colleges. The White House said the moves will curb abuses by schools that harass vulnerable members of the service until they sign up for programs that they sometimes can't afford and may not deliver what they promise.

"Sometimes you're dealing with folks who aren't interested in helping you. They are interested in getting the money. They don't care about you. They care about the cash," he told some 10,300 troops at Fort Stewart, home to the Army's 3rd Infantry Division, which deployed multiple times to Iraq and has forces serving now in Afghanistan.

These unscrupulous operators will call, email and show up on base to pressure vulnerable service members into making a quick decision, the president said. He cited one recruiter who signed up veterans with brain injuries so severe that they couldn't later recall what courses they had signed up for. "That's appalling. That's disgraceful. It should never happen in America," he said.

The executive order requires colleges to provide veterans with more information about financial-aid options and the likelihood of graduation, and directs the Department of Defense to design rules guiding how for-profit colleges can gain access to military installations.